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Here's the deal. I'm in a serious heading-towards-engagement relationship. She is going to HLS with a small grant ($9,500/year). I'm in at GULC for sticker, no significant scholarships at lower-ranked schools, and on 6 waitlists. My opportunity costs are pretty low— social science degree and an admin assistant job with no chance of promotion. I'm a pretty heavy splitter (174/3.2) and applied on time. I want nonprofit PI and she wants BigLaw, preferably in DC. When we graduate, we'll be just shy of a combined $500,000 in debt. Is it at least feasible, if not advisable, to make this work? She is really pushing the “we’ll be fine! I don’t want kids and we can be poor for a while. Follow your dreams, Georgetown is a great school, LRAP the debt, etc.” This all sounds good to me, but I’m really second-guessing now and thinking about bailing out. Everything other than the debt points to GULC being a great choice for me, and I worked hard to get here (first three college semesters aside…), but the 500k is SCARY. I honestly don’t think I fully understand how that level of debt will affect our life. Any help or insight would be appreciated.

assuming you can find a paid public interest gig, you want to take a long look at georgetown's lrap program. see if being married to someone making biglaw money (presumed outcome for your girl coming out of HLS) is going to affect your eligibility for the program or the amount of assistance you receive.

crunch the numbers for the "ideal" outcome situation and see if that's something you believe is going to be manageable.

Devastating. Combined debt of around $350k here - I think of it as having a house in the burbs but no house (its awful). 500k is just wow.

Any chance of money at GW?

dresden doll wrote:Any chance of money at GW?

Maybe if I sat out this cycle and then hustled with negotiations, I already withdrew at the deposit deadline.

Gungnir wrote:Here's the deal. I'm in a serious heading-towards-engagement relationship. She is going to HLS with a small grant ($9,500/year). I'm in at GULC for sticker, no significant scholarships at lower-ranked schools, and on 6 waitlists. My opportunity costs are pretty low— social science degree and an admin assistant job with no chance of promotion. I'm a pretty heavy splitter (174/3.2) and applied on time. I want nonprofit PI and she wants BigLaw, preferably in DC. When we graduate, we'll be just shy of a combined $500,000 in debt. Is it at least feasible, if not advisable, to make this work? She is really pushing the “we’ll be fine! I don’t want kids and we can be poor for a while. Follow your dreams, Georgetown is a great school, LRAP the debt, etc.” This all sounds good to me, but I’m really second-guessing now and thinking about bailing out. Everything other than the debt points to GULC being a great choice for me, and I worked hard to get here (first three college semesters aside…), but the 500k is SCARY. I honestly don’t think I fully understand how that level of debt will affect our life. Any help or insight would be appreciated.

Sounds absolutely awful, and would absolutely cripple your financial future for decades. Much better off reapplying after retaking LSAT, or simply settling for a slightly less elite school with a much larger scholarship. I agree that, if DC is the goal, GW with a sizeable scholarship would be a FAR better option given your debt situation.

My wife and I have $400k+ together, and while it's manageable, it's pretty oppressive. We'll both be in big law next year and $300k+/year isn't as cushy as you might think with that level of loans. But, we have a kid and we're still managing. It's not any scarier than $250k each, and probably less scary. Of course, you'd have to make it clear that being a stay at home parent is off the table for both parties.

The only thing I'll say is that you should be able to do a lot better than GULC at sticker with your numbers...

If she wants big law, what's wrong with CCNP or Cornell for cheap?

Edited: My above statement is irrelevant because it's not your decision to make.

Are you on any WL? Maybe you could get off one of them with $$$ and you could negotiate.

ManoftheHour wrote:If she wants big law, what's wrong with CCNP or Cornell for cheap?

Edited: My above statement is irrelevant because it's not your decision to make.

Are you on any WL? Maybe you could get off one of them with $$$ and you could negotiate.

She wants BigLaw, but REALLY wants a fed. clerkship. I would've taken her NYU offer...

But anyways, yeah, I'm WL at Columbia, NYU, Michigan, UVA, Cornell, and Duke. Still on hold at Northwestern, somehow.

Gungnir wrote:

ManoftheHour wrote:If she wants big law, what's wrong with CCNP or Cornell for cheap?

Edited: My above statement is irrelevant because it's not your decision to make.

Are you on any WL? Maybe you could get off one of them with $$$ and you could negotiate.

She wants BigLaw, but REALLY wants a fed. clerkship. I would've taken her NYU offer...

But anyways, yeah, I'm WL at Columbia, NYU, Michigan, UVA, Cornell, and Duke. Still on hold at Northwestern, somehow.

Don't lose hope dude. Until you get that ding, you may still get in somewhere with $$$. With that LSAT, I'd be shocked if you didn't get at least some love from the lower T-14s.

Gungnir wrote:Here's the deal. I'm in a serious heading-towards-engagement relationship. She is going to HLS with a small grant ($9,500/year). I'm in at GULC for sticker, no significant scholarships at lower-ranked schools, and on 6 waitlists. My opportunity costs are pretty low— social science degree and an admin assistant job with no chance of promotion. I'm a pretty heavy splitter (174/3.2) and applied on time. I want nonprofit PI and she wants BigLaw, preferably in DC. When we graduate, we'll be just shy of a combined $500,000 in debt. Is it at least feasible, if not advisable, to make this work? She is really pushing the “we’ll be fine! I don’t want kids and we can be poor for a while. Follow your dreams, Georgetown is a great school, LRAP the debt, etc.” This all sounds good to me, but I’m really second-guessing now and thinking about bailing out. Everything other than the debt points to GULC being a great choice for me, and I worked hard to get here (first three college semesters aside…), but the 500k is SCARY. I honestly don’t think I fully understand how that level of debt will affect our life. Any help or insight would be appreciated.

Don't do this. Find a better plan. She is being incredibly unrealistic about living with that much debt. Put each other through school and go on scholarships. She also may get tired of biglaw, like many people do, what is your plan then?

I feel the couples I know who have almost this level of debt met in law school. You can pre plan and avoid or minimize the cost

Maybe do-able but my god that's a scary number

NYSprague wrote:Don't do this. Find a better plan.

I don't know who this quote is attributable to, but I feel it is applicable here:

"Just because you can does not mean you should."

Do not try to convince your SO not to attend H in favor of scholly at lower school. It's lose - lose. She'll most likely resent you either way.

Anyway, long way to go and you still have decent chances off WL.

Don't do it. That is all.

.

if you don't want kids i don't see what the big deal is. just PAYE for 20 years, travel the world, and then suicide pact in 2035.

She thinks you'll be fine with 500k debt

I wonder if she'll think the same when you guys are paying that back.

Best case scenario--she gets BigLaw and you get ur dream PI gig, ur household income is $160K + $45k = $205K before tax. How are you going to finance $500k debt that has an interest of $35k/year (at 7% rate)? How long does she plan to stay in BigLaw--3 years?
IBR is likely ur only option. Be prepared for that huge tax bomb tho.

NO, GOD, WHY

The problem is if you need LRAP and she has a big law salary, that doesn't work. It would make way more sense for you to go on a scholarship, even if you have to go to a much lower ranked school.


Then again, are you sure this relationship will last? A lot of people make career decisions based on a SO only to have the relationship crash and burn.

defer 3 years, get her to pay for your school w/ her biglaw job, then break up with her

worldtraveler wrote:The problem is if you need LRAP and she has a big law salary, that doesn't work.

They can just not get technically married. Problem solved?

cotiger wrote:

worldtraveler wrote:The problem is if you need LRAP and she has a big law salary, that doesn't work.

They can just not get technically married. Problem solved?

In theory, yes, but that can cause other problems. You'd pay more taxes, can't get covered under each other's health insurance, etc.

cotiger wrote:

worldtraveler wrote:The problem is if you need LRAP and she has a big law salary, that doesn't work.

They can just not get technically married. Problem solved?

people are really into being married for some reason